Supermarket chain pursuing baby formula from Germany to stock shelves
Stew Leonard’s buys $100K worth of baby formula from Germany
Stew Lenoard’s president and CEO Stew Leonard discusses his company’s efforts to sell baby formula in its stores for the first time amid the nationwide shortage.
In an effort to alleviate the nationwide baby formula shortage, one grocery chain is going the extra mile to carry the essential item in its stores for the first time ever.
"I'm doing this for two reasons: One for our customers, one for my daughter, too," Stew Leonard’s president and CEO Stew Leonard told FOX Business’ Maria Bartiromo on Friday. "My daughter is pregnant with her third child, so she's going to need baby formula in about a month."
"We hooked up a supplier in Germany," Leonard continued. "We're all ready to go, we're waiting for Biden to give the nod and FDA approval."
On "Mornings with Maria," the grocery store CEO announced his namesake chain committed to purchasing $100,000 worth of baby formula from Germany to distribute across its seven locations in New York, New Jersey and Connecticut.
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"The 747 will be packed along the belly," Leonard said while also noting the priority airfare shipment is "going to cost us a little more."
Stew Leonard announced his grocery chain’s plans to import $100,000 worth of baby formula from Germany and carry the essential item on its shelves for the first time in store history. (Getty Images) Leonard explained how many of his suppliers have raised concerns about rising fuel prices adding exponential costs to everyday items. He also added how record-high gas prices have caused a "big shift" in the inflation conversation. "Everybody's talking about the price of diesel," the grocer pointed out, "to fish with their boats and tractors and everything like that. So somehow we got to get control of these fuel prices." Labor shortage issues are also an "embedded" cost of inflation, which Leonard expressed as the store’s attempt to eat those costs. "I think things will shake out," the CEO predicted. "I'm only passing about half of it on to our customers right now. We are eating it. Our margins are lower than they were last year." GET FOX BUSINESS ON THE GO BY CLICKING HERE Stew Leonard’s president and CEO Stew Leonard says every supplier is talking about fuel prices. Leonard detailed how the majority of consumers have navigated sticker shock and inflation’s unseen consequences. "They're looking for value today. They're looking for specials," he said. "They're definitely smarter… They've been watching the news. They know what's going on in the world. Our job is to try to offer as much value as we can right now." READ MORE FROM FOX BUSINESS Source: Read Full Article
Inflation’s ‘big shift’ coming from gas prices: Stew Leonard